Apparel retailer Gap Inc (GPS.N) said it would close a quarter of Gap specialty stores in North America over the next few years, including 140 this year, potentially affecting thousands of jobs as the company struggles with a slump in sales at its namesake brand. The company did not say how many employees would be laid off as a result of the store closures. As of Jan. 31, Gap had
A U.S. judge on Monday ruled the U.S. government does not owe Maurice “Hank” Greenberg and other American International Group shareholders any damages over the company’s 2008 bailout. Former AIG CEO Greenberg, through his company Starr International Co, sued the U.S. government in 2011, arguing the terms of the initial $85 billion loan package were unduly onerous, including an almost 80 percent U.S. stake in AIG. Judge Thomas Wheeler of
Cigna Corp. shares surged as much as 19 percent after the health insurer was reported to be a takeover target for Anthem Inc. Cigna rose to $152.88 at 12:46 p.m. in New York after earlier reaching $164. …
U.S. stocks traded about 1 percent lower on Monday, following a decline in European equities on the collapse of weekend talks between Greece and its creditors.
Gun maker Colt Defense LLC filed for chapter 11 bankruptcy late Sunday, allowing for a quicker sale of operations in the U.S. and Canada. In its filing, the company estimated that it owes up to $500 million …
Pot may be legal in Colorado, but you can still be fired for using it. The state Supreme Court ruled Monday that a medical marijuana patient who was fired after failing a drug test cannot get his job back. …
Lumber Liquidators Holdings Inc terminated the employment of its chief merchandising officer, making him the latest top-level executive to leave the wood floorings retailer amid allegations it sourced laminates from China that contained excessive levels of a known carcinogen. Chief Executive Robert Lynch resigned in May, while CFO Daniel Terrell quit in April. The company said on Monday that Chief Merchandising Officer William Schlegel would leave on June 19.
U.S. homebuilders’ are feeling more confident about their sales prospects than they have been since last fall, while their outlook for sales over the next six months is at the highest level in 10 years. …
Join Yahoo Midday Movers live now for the latest news on the markets, the economy and the biggest stories of the day.
CVS Health Corp. will pay $1.9 billion to buy Target Corp.’s pharmacies and clinics, expanding its reach by adding stores bearing its name inside the U.S. retail chain. CVS, which already has 7,800 drugstores, will acquire Target’s more than 1,660 pharmacies across 47 states, renaming them as CVS/pharmacy, the companies said today in a statement. All new Target stores with pharmacy services will include a CVS/pharmacy.